Nancy Pelosi and several other California DNC members are petitioning the DOJ to start an investigation into the foreclosure practices of mortgage servicers.
This news comes after last week's announcements that JPMorgan Chase, Bank of America, and GMAC were all halting their foreclosure proceedings while they investigate the soundness of their procedures. Those announcements came after various bank employees testified that they signed mortgage foreclosure documents improperly (i.e. without having them properly notarized and without personal knowledge of the accuracy of the information contained in the documents).
Many experts believe that this problem is widespread throughout the mortgage industry and that more foreclosure halts may be coming. Despite the motion from Pelosi, et al, the suit would likely only delay the introduction of the massive shadow inventory already waiting in the wings.
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